I’ve picked up a few things about whale addresses recently: don’t rush to follow just because you see a big buy. First think about whether they’re slowly building a position, or using spot/perpetuals to hedge and lock in their exposure. In plain terms, the same “buy” could be setting up a long-term hold—or it could just be providing a safety cushion to the other side’s position. On-chain it looks busy, but in reality, it may just be swapping moves to control risk.

That “on-chain gaming” collapse vibe—inflation + studios + a coin-price spiral—has been floating back up again, which makes me even more cautious: surface-level inflows don’t necessarily mean real demand; it might just be “refilling the blood.” Before I copy any trades, I’ll look at the route and the order depth a bit more. If the slippage is huge, I can’t be bothered to keep pretending… I’d rather miss out than be someone else’s hedging liquidity.